Windows 7 Cannot Access Shadow Copies in SBS 2003
When you connect to a share hosted on SBS 2003 and you select “Restore previous versions” or the “Previous Versions” tab under properties of the share/folder, you get a view that shows snapshots with the incorrect time, that could be missing the share name and that cannot be restored. if you open the contents of the snapshot you notice that you are actually viewing the CURRENT contents of the network share and NOT the stored contents of the shadow copy snapshot that is stored on the server.
The fix is fully documented in this Microsoft support article: http://support.microsoft.com/kb/2004600
I’m afraid I can’t take any credit for this fix but make sure that you apply the registry change to your SBS 2003 server, not the Windows 7 client.